Steven Mopsick predicted it two years ago. The 30 year IRS year IRS lawyer who now has a private tax law practice said it would “blow a fuse” when all the FATCA data began to arrive at IRS.
Now, the IRS itself is admitting their circuits can’t handle the data. In IRS Budget Crunch Limiting Use of Foreign Government Data:
“One of our biggest challenges lies in having the resources to build and maintain systems that can effectively use all of the incoming data,” Koskinen said today at the Tax Executives Institute conference in Washington. “As with any major new initiative, we expect a learning curve — for the IRS as well as for everyone affected.”
Hmm. So tell me what this information is REALLY going to be used for
Thanks to Hazy for posting this under What’s New.